VCEL

MKT CAP:$2B

Vericel Corporation

Market Cap

$2B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$34.37-$1.24 (-3.48%)

Apr 22, 2026

Company Details

Vericel Corporation, a commercial-stage biopharmaceutical company, engages in the research, development, manufacture, and distribution of cellular therapies for sports medicine and severe burn care markets in the United States. The company ...

CEO

Dominick C. Colangelo

IPO Date

Feb 4, 1997

Website

vcel.com

Key Metrics TTM

Revenue

$276M

+16.5% YoY

Net Income

$17M

EPS (Diluted)

$0.31

Free Cash Flow

$35M

Revenue / Share

$5.31

Gross Margin

74.4%

Operating Margin

4.0%

Net Margin

6.0%

FCF Margin

12.7%

P/S

6.5x

P/E

109.1x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 26, 2026

$276M+16.5%EPS $0.32

Q4 2025

Feb 26, 2026

$93M+23.3%EPS $0.45

Q3 2025

Nov 6, 2025

$68M+16.6%EPS $0.10

Q2 2025

Jul 31, 2025

$63M+20.1%EPS -$0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$36M	$23M	-$7M
Q2 22	$37M	$23M	-$9M
Q3 22	$39M	$25M	-$7M
Q4 22	$53M	$38M	$6M
Q1 23	$41M	$27M	-$8M
Q2 23	$46M	$30M	-$6M
Q3 23	$46M	$31M	-$5M
Q4 23	$65M	$49M	$13M
Q1 24	$51M	$35M	-$5M
Q2 24	$53M	$37M	-$6M
Q3 24	$58M	$42M	-$2M
Q4 24	$75M	$58M	$18M
Q1 25	$53M	$36M	-$13M
Q2 25	$63M	$47M	-$2M
Q3 25	$68M	$50M	$3M
Q4 25	$93M	$73M	$22M

Valuation

Quarter	P/S	P/E
Q1 22	11.1x	—
Q2 22	7.8x	—
Q3 22	6.8x	—
Q4 22	6.9x	—
Q1 23	8.3x	—
Q2 23	10.0x	—
Q3 23	8.6x	—
Q4 23	8.4x	—
Q1 24	12.2x	5600.2x
Q2 24	10.1x	2747.5x
Q3 24	9.1x	579.8x
Q4 24	11.4x	262.0x
Q1 25	9.3x	741.2x
Q2 25	8.5x	298.8x
Q3 25	6.2x	122.4x
Q4 25	6.9x	114.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3M	$387.0K
Q2 22	$3M	$1M
Q3 22	$4M	$3M
Q4 22	$7M	$6M
Q1 23	$8M	-$1M
Q2 23	$10M	$6M
Q3 23	$7M	$600.0K
Q4 23	$10M	$2M
Q1 24	$7M	-$7M
Q2 24	$19M	$2M
Q3 24	$10M	$41M
Q4 24	$22M	$8M
Q1 25	$7M	-$8M
Q2 25	$8M	$22M
Q3 25	$22M	$19M
Q4 25	$15M	$802.0K

Capital Expenditures

Quarter	CapEx
Q1 22	$3M
Q2 22	$2M
Q3 22	$1M
Q4 22	$1M
Q1 23	$9M
Q2 23	$4M
Q3 23	$7M
Q4 23	$8M
Q1 24	$14M
Q2 24	$17M
Q3 24	$31M
Q4 24	$14M
Q1 25	$14M
Q2 25	$14M
Q3 25	$3M
Q4 25	$14M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+4.4%	+14.5%
Q2 22	-6.3%	+6.7%
Q3 22	+11.7%	+14.9%
Q4 22	+10.7%	+7.3%
Q1 23	+13.7%	+13.5%
Q2 23	+24.0%	+12.5%
Q3 23	+18.2%	+11.7%
Q4 23	+23.3%	+12.1%
Q1 24	+25.0%	+15.3%
Q2 24	+14.7%	+13.1%
Q3 24	+27.0%	+19.2%
Q4 24	+16.0%	+8.9%
Q1 25	+2.6%	+15.2%
Q2 25	+20.1%	+11.2%
Q3 25	+16.6%	+6.1%
Q4 25	+23.3%	+23.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$10M	26.4%
Q2 22	$11M	29.2%
Q3 22	$9M	23.6%
Q4 22	$8M	14.7%
Q1 23	$9M	21.3%
Q2 23	$9M	19.1%
Q3 23	$8M	17.4%
Q4 23	$7M	10.6%
Q1 24	$10M	19.2%
Q2 24	$10M	18.1%
Q3 24	$9M	15.9%
Q4 24	$8M	10.5%
Q1 25	$12M	21.9%
Q2 25	$10M	16.0%
Q3 25	$9M	12.9%
Q4 25	$8M	9.1%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$5M	$26M
Q2 22	$5M	$27M
Q3 22	$5M	$27M
Q4 22	$5M	$27M
Q1 23	$5M	$29M
Q2 23	$5M	$31M
Q3 23	$6M	$30M
Q4 23	$5M	$31M
Q1 24	$6M	$34M
Q2 24	$7M	$35M
Q3 24	$6M	$38M
Q4 24	$5M	$35M
Q1 25	$7M	$42M
Q2 25	$7M	$42M
Q3 25	$6M	$40M
Q4 25	$7M	$43M

Revenue Segments

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$56M	$45M	$101M
Q2 22	$56M	$45M	$101M
Q3 22	$65M	$46M	$111M
Q4 22	$51M	$68M	$120M
Q1 23	$62M	$57M	$119M
Q2 23	$43M	$55M	$98M
Q3 23	$60M	$45M	$105M
Q4 23	$69M	$40M	$110M
Q1 24	$71M	$48M	$118M
Q2 24	$50M	$52M	$103M
Q3 24	$54M	$48M	$102M
Q4 24	$75M	$42M	$116M
Q1 25	$73M	$39M	$113M
Q2 25	$81M	$36M	$117M
Q3 25	$100M	$35M	$135M
Q4 25	$100M	$37M	$137M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	47M	-5.9%	+2.2%
Q2 22	47M	+0.3%	+1.5%
Q3 22	47M	+0.1%	+1.1%
Q4 22	49M	+4.3%	-1.5%
Q1 23	47M	-3.7%	+0.9%
Q2 23	48M	+0.4%	+1.0%
Q3 23	48M	+0.2%	+1.0%
Q4 23	51M	+6.0%	+2.7%
Q1 24	48M	-4.7%	+1.6%
Q2 24	49M	+1.1%	+2.3%
Q3 24	49M	+0.8%	+3.0%
Q4 24	52M	+6.4%	+3.4%
Q1 25	50M	-4.4%	+3.7%
Q2 25	50M	+0.9%	+3.5%
Q3 25	52M	+3.1%	+5.8%
Q4 25	52M	+0.3%	-0.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$128.4K	281
Q2 22	$131.8K	281
Q3 22	$137.2K	281
Q4 22	$172.8K	305
Q1 23	$134.5K	305
Q2 23	$150.6K	305
Q3 23	$149.4K	305
Q4 23	$207.0K	314
Q1 24	$163.3K	314
Q2 24	$167.7K	314
Q3 24	$184.4K	314
Q4 24	$211.1K	357
Q1 25	$147.3K	357
Q2 25	$177.1K	357
Q3 25	$189.1K	357
Q4 25	$233.5K	398

Revenue / Employee